策略研究 | 证券研究报告 — 总量点评 2025 年 7 月 31 日 欧美协定结构性落地， 15% 关税框架浮出水面 欧美贸易协定落地缓解外部不确定性，中美谈判节奏稳定，A 股结构性行情 有望延续。 中银国际证券股份有限公司 具备证券投资咨询业务资格 策略研究 证券分析师：王君 (8610)66229061 jun.wang@bocichina.com 证券投资咨询业务证书编号：S1300519060003 证券分析师：徐沛东 (8621)20328702 peidong.xu@bocichina.com 证券投资咨询业务证书编号：S1300518020001 欧美谈判取得突破，全球市场主要不确定性落地。近日，欧美贸易谈判 取得关键进展。美国总统特朗普于当地时间 7 月 27 日宣布，美国与欧盟 已达成一项贸易协议。根据协议，美国将对欧盟输美商品征收 15%的关 税，钢铁和铝产品的原有关税政策将维持不变。其中，能源条款是协议 的核心内容之一，欧盟承诺将对美投资 6000 亿美元，并采购价值 7500 亿美元的能源产品。此外，欧盟将开放其总额约 20 万亿美元的市场，并 首次全面接受美国的汽车与工业标准。在 ...

Group 1 - US stock market experienced a third consecutive day of gains, with the S&P 500 index reaching a new high not seen in at least three months, driven by optimism surrounding international trade negotiations [1] - Tesla led the technology sector's rise, with its stock increasing by over 5%, while Intel saw its largest single-day gain since April 9, rising nearly 8% [1] - The World Bank downgraded its global economic growth forecast for 2025 by 0.4 percentage points to 2.3%, citing higher tariffs and policy uncertainties as significant obstacles to the global economy [5] Group 2 - The Nasdaq Golden Dragon China Index saw mixed performance, with NIO rising over 5% and iQIYI and New Oriental both increasing by more than 2%, while Tencent Music fell by nearly 1% [2] - Circle, a stablecoin company, experienced a drop of over 8%, reversing some of its recent gains after a cumulative increase of over 270% in the previous three trading days [3] - McDonald's faced its seventh consecutive day of decline, marking the longest losing streak since 2013, while 10 out of 11 sectors in the S&P 500 index saw gains, with the energy sector performing the best [4]